U.S. IPOs: A Global Passport for Taiwanese Companies - Article

More and more Taiwanese companies have turned their attention to the U.S. capital markets. Whether on the New York Stock Exchange (NYSE) or NASDAQ, a U.S. IPO is regarded as a decisive step toward global expansion. With its massive scale, deep liquidity, and diverse investor base, the U.S. market not only enables companies to secure higher valuations but also significantly boosts their international visibility. For many businesses, it is more than fundraising—it is an endorsement of their brand on the world stage.

The U.S. market has a clear bias toward certain industries. Technology and semiconductors—buoyed by the CHIPS Act and supply-chain security policies—continue to attract capital. New energy and ESG-related sectors, riding the global decarbonization wave, have emerged as investors’ new favorites. Biotech and healthcare enjoy natural advantages, given that the U.S. is the world’s largest healthcare market. Meanwhile, AI, cloud, and the digital economy keep spawning new business models and drawing in sizable inflows. What these sectors share is tight alignment with international policy and market trends—compelling long-term growth narratives.

Entering the U.S. market, however, requires readiness for stringent thresholds and real challenges. The latest 2025 listing standards raise the bar further. NASDAQ has increased the minimum public-float requirement to at least USD 15 million in unrestricted public shares, and for companies from “restricted markets” such as China, IPO proceeds must be no less than USD 25 million. The NYSE maintains a comparatively high bar, requiring at least USD 40 million in market capitalization, a sufficiently broad shareholder base, and a minimum share price of USD 4. These rules underscore the market’s emphasis on investor protection and on ensuring sufficient scale and liquidity.

A U.S. listing is not a one-size-fits-all path. Companies can choose the route that best fits their circumstances and strategy. Beyond the traditional IPO, options include a SPAC merger, a direct listing, or entering via American Depositary Receipts (ADRs). Each pathway has its trade-offs: the traditional IPO is highly structured—ideal for firms seeking global capital endorsement; SPACs offer speed, appealing to growth companies with a clear valuation consensus; direct listings spotlight brand strength and market recognition; and ADRs provide a flexible gateway for smaller issuers to access U.S. investors.

Beyond financial thresholds, transparency and corporate governance loom even larger. U.S.-listed companies must prepare financial statements in accordance with US GAAP, comply with SOX 404 internal-control requirements, and maintain consistent, substantive communication with investors. If performance falters or disclosure falls short, share prices can come under pressure, jeopardizing future fundraising and brand reputation.

A U.S. IPO, therefore, is no shortcut—it is a long-term test of governance. For Taiwanese companies with global ambitions, the U.S. capital markets do offer a premier stage. To establish a lasting foothold and succeed, businesses should prepare early: build sound financial systems, strengthen internal controls, structure cross-border tax frameworks, and—above all—articulate a convincing growth story.

As the global economy restructures and capital seeks new targets, Taiwanese companies are well-positioned to seize the moment. By leveraging U.S. IPOs, they can expand their international footprint and enhance their value on the world stage.